5 Trade Ideas for Monday: bluebird bio, Collegium Pharmaceutical, ConocoPhillips, KeyCorp & Mattel

5 Trade ideas excerpted from the detailed analysis and plan for premium subscribers:

bluebird bio, Ticker: $BLUE

bluebird bio, $BLUE, started moving higher from the 50 day SMA in August. It spiked up in December and then pulled back to the 50 day SMA, finding support again and reversing. It made another top in March and pulled back again. This time the 50 day SMA could not hold it and it found support at the 100 day. Friday saw it with a strong performance in a weak market with the RSI turning back higher and the MACD falling. Look for continuation to participate higher…..

Collegium Pharmaceutical, Ticker: $COLL

Collegium Pharmaceutical, $COLL, started higher in November with a strong move to the upside it moderated in December, slowing the trend, but continuing to a top in January. A pullback to the 50 day SMA gave it strength for another step up and then it had a second step into March. It has consolidated since in a tightening range. The RSI is holding in the bullish zone with the MACD crossed down. Look for a break of the consolidation to the upside to participate higher…..

ConocoPhillips, Ticker: $COP

ConocoPhillips, $COP, rose off of a bottom in September, making an interim top in November, and then a second top in January. The pullback from there crossed the 100 day SMA briefly and been bouncing off of it as support since. The bounces have met resistance at the same level, creating a tightening consolidation. The RSI is rising into the bullish zone with the MACD crossed up and positive. Look for a push through resistance to participate…..

KeyCorp, Ticker: $KEY

KeyCorp, $KEY, moved higher out of a broad consolidation in November. It ran to a top in early February and then pulled back to support. A reversal saw it back making a marginally higher top in March before another turn down. This time support did not hold it and it dropped precipitously Friday. The RSI is oversold and the MACD falling. Look for a reversal to participate higher….

Mattel, Ticker: $MAT

Mattel, $MAT, had been slowly moving sideways and slightly higher until it gapped down in March. That move found support last week and the stock put in a bullish day Friday in a horrible tape. The RSI is turning back higher with the MACD level. Look for continuation to participate higher…..

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with another Fed rate hike behind it and now the prospect of trade wars, saw the equity markets finish the week breaking down and looking weak.

Elsewhere look for Gold to continue in its uptrend while Crude Oil also moves higher. The US Dollar Index seems content to move sideways while US Treasuries are biased to continue to the upside. The Shanghai Composite and Emerging Markets are biased to the downside within broad consolidation.

Volatility looks to remain elevated keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ. Their charts show short term weakness continuing and for the first time in years the prospect of intermediate term weakness in the SPY and IWM. The QQQ remains the best chart on the longer timeframe. Use this information as you prepare for the coming week and trad’em well.

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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